VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0426%/8h= +46.7% APRnext payment +$0.53 per $10,000 · paid last 24h +0.017%

Price spread now: Kraken Futures against Backpack+0.066%7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$520.520% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 3 days (all we have)−0.160%−$16 · spread now +0.066%, 7d avg +0.044%

Together, before fees−0.139%−$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Kraken Futures is 0.022% dearer against Backpack than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.044%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.021% in total (about 1.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.53 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VIRTUAL_USDC_PERP	0.7146	0.0100	pay 0.0013% / 1h	41m 07s	$235K	$158K	10x
Short	Kraken Futures PF_VIRTUALUSD	0.7151	0.0526	get 0.0066% / 1h	41m 07s	$524K	$528K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee Kraken FuturesbpOrdersPrice spread, now +0.066%Rate

Funding earned: $89.55
Price spread: +0.066% → +0.044%: $2.21
Slippage, 4 orders: −$31.97
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $39.79
Costs to cover: 0.520%
Break-even: 3.9 days

Slippage from Backpack: live order book, 47 min ago; Kraken Futures: live order book, 46 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Backpack live order book, 47 min ago	2.10 bp	10.6 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 46 min ago	4.91 bp	12.6 bp −$13	44.8 bp −$448	doesn't fit	doesn't fit

VIRTUAL on 33 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit VIRTUAL_USDC-PERPETUAL	−0.0450%	1h	0.7142	−0.056%	$15K	$40K	10x	as long as short
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	−0.406%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7132	−0.196%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7114	−0.451%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7134	−0.168%	$2K	$131	10x	as long as short
Variational Omni VIRTUAL	−0.0011%	4h	0.7104	−0.594%	$518K	$872K	—	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7146	−0.002%	$12K	—	150x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0082%	4h	0.7143	−0.042%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7140	−0.083%	$325K	$391K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7147	+0.013%	$8.7M	$3.6M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7146	+0.006%	$194K	$80K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7149	+0.040%	$74K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7139	−0.100%	$16.4M	$36.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7138	−0.112%	$15.4M	$15.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7136	−0.140%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7144	−0.028%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7141	−0.070%	$17.2M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7145	−0.014%	$3.1M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7145	−0.014%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7140	−0.084%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7146	long leg	$235K	$158K	10x
edgeX VIRTUALUSDC	+0.0100%	4h	0.7104	−0.588%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7099	−0.657%	$629K	$974K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7105	−0.574%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7138	−0.113%	$33K	$783K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7144	−0.028%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7143	−0.039%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7141	−0.077%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7144	−0.025%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7146	−0.003%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7143	−0.042%	$820K	$798K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7152	+0.084%	$195K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSDshort	+0.0526%	1h	0.7151	+0.066%	$524K	$528K	50x